Since April 1, 2023, banks in India have stopped gold imports as they await a crucial notification from the finance ministry regarding the integrated goods and services tax (IGST) exemption for the fiscal year 2027. This notification, which has historically been issued in April, is essential for banks to continue importing gold without facing the IGST burden. Approximately 40% of India's annual gold imports, totaling around 700 tonnes, are handled by banks authorized by the Reserve Bank of India. The delay has raised concerns among jewellers, as they are experiencing significant disruptions in their operations due to the unavailability of gold from these banks, which has led to export orders being held up. The finance ministry's failure to amend the FY26 notification has left banks to pay IGST on imports, complicating their operations. In FY26, gold imports reached a record $71.98 billion, although the volume of gold imported decreased by 4.7% compared to the previous fiscal year. The banking sector is now urging the commerce ministry to expedite the notification process to alleviate the trade disruptions.